The University of Michigan's Ross School of Business and the College of Engineering have come together to announce a new joint venture accelerator program that will provide infrastructure, financial resources and mentorship to support early-stage ventures.

The new accelerator is named The Desai Family Accelerator after Bharat Desai, a 1981 Ross MBA graduate and the multibillionaire founder of the global technology services company Syntel, Inc.

"Support for entrepreneurship and education are core to the mission of the DS Foundation, and the Desai Family Accelerator brings these two elements together in perfect harmony. This is a very personal cause for me, since I have first-hand experience navigating the challenging journey from student to entrepreneur," Desai said in a statement.

"We look forward to seeing significant success stories emerging from this accelerator, and believe this initiative will provide a boost to the local entrepreneurial ecosystem and encourage the establishment of new and innovative ventures in Michigan."

Unlike other accelerators at the university, the Desai Family Accelerator is dedicated to helping not just student ventures, but ventures from entrepreneurs across Ann Arbor, the state of Michigan, the country and the world.

A primary goal is to help startups gain ground as they reach the critical phase between early-stage development and the point at which they seek external investors.

Companies selected to participate in the Accelerator will have access to:

• Mentoring from faculty and one of the most expansive alumni networks in the country;

• Investment with funding from the program to help advance their ventures;

• And staffing support by engaging entrepreneurial students via internships and other programs.

Kelly LaPierre, the managing director of the accelerator, will lead the execution and development of the program, including the establishment and management of investments, and the mentoring and counseling of the program's early startup businesses.

Before accepting her new position, LaPierre served as the director of marketing and operations for Detroit-based Grand Circus, a company funded by Detroit Venture Partners. She previously worked with a variety of startup companies at the Boston-based investment fund TechStars and at the Detroit-based entrepreneurship accelerator Bizdom.

LaPierre said the new accelerator will make financial investments into companies in exchange for equity, but they're "still working out exactly what that looks like."

"We're still working on the build out and what the investment will look like, so there's still a lot that needs to be worked out," she said.

"We'll do outbound marketing efforts so people are aware of the accelerator as a resource, but I also see the opportunity to partner with existing centers to use them as a feeder right into the accelerator. And we'll also make sure we're accessible to VC firms...so they can feed into this program as well."

She said they also haven't decided what the criteria will be for funding, but reiterated that it won't just be open to people in the university community.

It'll be open to anyone in the Ann Arbor community and anyone across the state – anyone across the world, really, and that's something that makes it unique as opposed to other university-specific initiatives.

"That's something that stands out for this accelerator, in particular, where others associated with different schools require the entrepreneur to be a student," LaPierre said.

"It is open to anyone and that's a big benefit and big differentiator from other programs."

The Desai Sethi Family Foundation and the Davidson Foundation are providing Funding and support for the accelerator and it will be managed by the Ross School's Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and the College of Engineering's Center for Entrepreneurship.

The accelerator will expand on existing entrepreneurial programs and courses offered that include a wide array of action-based learning opportunities and support, such as business plan competitions, grants, seminars and the Michigan Translational Research and Commercialization program.

"This accelerator is a great example of two world class programs coming together. Most successful startups have multidisciplinary backgrounds, so the joint work of the Center for Entrepreneurship and the Zell Lurie Institute for this accelerator will offer a complete value proposition to the companies who are involved," Tom Frank, executive director of the CFE said in a statement.

"Our goal is to create and support more ventures from Michigan-based teams."

Stewart Thornhill, the executive director of the Zell Lurie Institute, added that both he and Frank saw the potential impact an accelerator could have in an entrepreneurial hub like Michigan.

"We also see it as a valuable learning opportunity for students across the university," Thornhill said in a statement.

"While there are a variety of incubators, very few of our peers offer this type of accelerator and we are excited to launch this program for the companies and students alike."

LaPierre agreed with Frank and Thornhill. She said that while this adds to a great supportive network that already exists locally for entrepreneurs, it's also adding a different element to the game because of the unique joint partnership between the two schools, and the fact that it's open to entrepreneurs outside of the scope of U-M.

"There are a lot of programs that already exist that are promoting entrepreneurship in Ann Arbor and this is one that has a different spin, so I'm excited to plug into what's already here and help make sure companies accelerate and really enrich the ecosystem," she said.

"It is a great opportunity to partner with the two schools. Both schools have a lot of great programs and a lot of great initiatives happening and this is a joint venture between the two."